Who is Adam Smith?

Adam Smith was a philosopher and professor at the University of Glasgow, Scotland. The publication of Smith's "An Inquiry into the Nature and Causes of the Wealth of Nations" in 1776 is one of the most influential works of modern history. Smith believed that "wealth" is not an accumulation of gold, but the development of farms, factories, cheap fuel, good streets, good schools and efficient transportation." In effect, the "wealth" of a nation is made up of the productive energies of its people. The influence of his work is so great that Smith is considered the founder of the study of economics and is widely credited with defining and establishing the concept of free market capitalism. From individual rights, needs and desires to his revolutionary observations about the interdependence of economic and political freedom, Smith had such an extraordinary impact on America's Founding Fathers that they incorporated many of his notions into the very framework that is our system of government. More than 200 years after his death, Adam Smith's principals of free markets, low taxes, respect for private property and stable money remain true today.> Read a 226th anniversary perspective on Adam Smith and his "Wealth of Nations."